'Lab-grown diamond to counter slump in industry'

A new Siberian ice diamond created in the lab by Russian scientists will prove to be a "game changer" for the domestic industry which is going through a sluggish phase, says an expert.PTI | November 19, 2015, 18:27 IST

MUMBAI: A new Siberian ice diamond created in the lab by Russian scientists will prove to be a "game changer" for the domestic industry which is going through a sluggish phase, says an expert.

"The new Siberian ice diamond is an engineering marvel in this industry which is going to be a game-changer. The cost of Siberian ice diamond is just around 1 to 2 per cent of a real diamond and that is why it would never pinch the pocket of a common man," Nine Jewels Managing Director Adish Shah told PTI.

Shah, who was on a tour of Hong Kong to attend a meeting of diamond industry players, said, "Siberian ice diamond is as bright and flawless as a real diamond. This makes it practically impossible to differentiate between the two by the naked eye. It is very hard, like diamond, and can even scratch glass."

"It is the best and closest alternative to real diamonds than its competitors like Cubic Ziranic (CZ), American Diamond (AD), moissanite, CVD and Swarovski," Shah added.

He also said that he was in touch with Russian counterparts to introduce this invention in India. This would not only give an impetus to the sluggish market, but also create job opportunities.

"We are eying setting up a lab that scientifically creates such diamonds in our country. Certainly this will be a revolution in the diamond industry in the coming few months and would be a win-win situation for all the stakeholders," Adish said.

According to a recent study of Gem Jewellery Export Promotion Council (GJEPC), rough diamonds imported in India between April-May 2015 were worth about Rs 17,040 crore, a drop of 20 per cent compared to Rs 21,135 crore during the same period last year.

Sanjay Shah, another industry expert and member of Mumbai Diamond Merchant Association (MDMA), expressed hope that when Siberian ice diamond hits the Indian market, investors and common buyers, specially from Maharashtra and Gujarat, would be the biggest gainers.